OW Bunker Execs Charged for Fraud

Image Courtesy: OW BunkerImage Courtesy: OW Bunker

Danish Public Prosecutor for Serious Economic Crime (SØK) has filed criminal charges against several individuals employed at bankrupt OW Bunker under suspicion that they committed fraud, Mikkel Thastum, a spokesman for the prosecutor’s office, confirmed.

The individuals targeted by the charges include OW Bunker CEO Jim Pedersen, the company’s former CFO, Morten Skou, and Lars Moller, former CEO of OW Bunker’s Singapore subsidiary Dynamic Oil Trading (DOT), local media said. The exact number of individuals being charged has not been disclosed.

The fraud charges are linked to a fake bunker contract with the Italian Navy worth USD 50 million.

However, Pedersen reportedly told the Finance Watch that the charges were groundless.

Danish marine fuel supplier has been entangled in a number of court cases since its filing for bankruptcy in November 2014.

At the time, OW Bunker issued a statement saying that the company was investigating an alleged fraud committed by senior employees in its Singapore-based subsidiary DOT, adding that preliminary findings suggested a potential loss of around USD 125 million.

OW Bunker also said that a review of risk management contracts had revealed a significant risk management loss in addition to the loss of USD 24.5 million announced on October 23, 2014.

World Maritime News Staff

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